Malaysia has officially ratified the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) following years of careful deliberation and consultation by the government.
"In light of the findings of the Cost-Benefit Analysis (CBA), it is clear that the benefits accruing from the ratification of CPTPP far outweigh any potential costs that may arise from the implementation of this Agreement," said the Ministry of International Trade and Industry (Miti) in a statement.
"In sum, the CPTPP places Malaysia in a strategic position, elevating our competitiveness in the global arena.
"As a bloc that advances regional economic integration, the CPTPP is also a testament to the significance of the multilateral trading system," it added.
According to Miti, the CPTPP will broaden Malaysia's access to new markets such as Canada, Mexico, and Peru, which are not covered by any existing Free Trade Agreement (FTA).
